A former bank insider has now been banned from banking after being accused of obtaining thousands of dollars in fraudulent government loans.
In Order of Prohibition, Federal Reserve he says Crystal D. Moore worked as a bank assistant at Atlantic Union Bank in Richmond, Virginia, between March and October 2020.
The regulator accuses Moore of conspiring with an accomplice to obtain $240,000 in Economic Injury Disaster Loans (EIDL) and Paycheck Protection Program (PPP) loans using false documents and fraudulent information.
According to the Fed, loan programs were established to help businesses, families and individuals affected by the Covid-19 pandemic.
The Feds allege that Moore used the money for personal and other illegal purposes, which violates credit rules.
The Fed also says Moore and his partner profited from the loans.
“WHERE, Moore’s conduct was contrary to the Bank’s internal policies and constituted a violation of law or regulation or a breach of fiduciary duty, and involved Moore’s dishonesty…”
The regulator says Moore is now prohibited from working for or participating in the activities of any FDIC-insured agency. The Fed also points out that the Act does not prevent other federal agencies from implementing other laws related to Moore if they deem it appropriate.
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